ST.

AUGUSTINE COLLEGE
PRINCIPLES OF ACCOUNTING (101)
FALL- 2018

INSTRUCTOR:
Vincente Ceja

OFFICE & CONTACT By appointment or via e-mail: [email protected]

INFORMATION:
USE YOUR ST. It is the policy of St. Augustine College that faculty and students use their assigned
AUGUSTINE EMAIL St. Augustine email when communicating on issues related to the College. Please
know that St. Augustine cannot be held responsible for any emails and associated
activities between faculty and students when personal email is used. Emergency
notifications from the College will be via your SAC email.

CREDIT HOURS: 4 Cr Semester Hours

COURSE SCHEDULE: Section 80 – Saturdays, 9:00 AM to 1:35 PM

PREREQUISITES Prerequisite: MAT 101, ENG 108

LANGUAGE OF COURSE
This course will be taught in English.
& ENGLISH LEVEL
The recommended level of English for the course is ENG-109/121.
RECOMMENDED:
This course introduces basic accounting principles and business concepts as they
COURSE DESCRIPTION:
apply to reporting the financial and economic data of a business. The course
emphasizes recording, analysis, and interpretation of daily business transactions
and other economic events that affect business. This course serves as the basis for
subsequent accounting courses. This course has an additional laboratory of two
hours per week.

TEXTBOOK AND MATERIALS

REQUIRED TEXTBOOK
 Financial and Managerial Accounting, by Reeve, Warren, and
Duchac, 13 Edition, Cengage Learning
 ISBN-10: 1-285-86630-4
 ISBN-13: 978-1-285-86630-7

REQUIRED RESOURCES • None

& SUPPLIES

LEARNING OBJECTIVES: Upon completion of this course, the student should be able to do the
following:
1. Identify the accounting standards principles and be able to prepare basic
financial statements. (P#1).

COURSE OBJECTIVES: Upon completion of this course, the student should be able to do specifically
the following:

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 1. Demonstrate a basic understanding of the nature of accounting concepts,
practice, profession and related terminology.
2. Analyze, record, and report transactions for service, merchandising, and
manufacturing business organized as sole proprietorships.
3. Understand the concepts of the matching process and the adjusting
process.
4. Complete the accounting cycle.
5. Analyze and prepare accounting for merchandising businesses.
6. Compute the cost of inventory under the perpetual and periodic system
using FIFO, LIFO, and average cost methods
7. Understand the nature of and the accounting for cash, internal controls,
and Sarbanes-Oxley Act.
8. To understand the nature of and the accounting for accounts receivable,
uncollectible receivables, and notes receivable.
INTEGRATED GENERAL • Using appropriate methodologies, students demonstrate the ability to read,
EDUCATION LEARNING listen, and communicate with understanding and critical discernment.
OBJECTIVES • Students learn to evaluate ideas and outcomes, solve problems, and make
informed decisions based upon consideration of evidence, reason, and
implications.
• Students learn to access information efficiently and effectively; evaluate it
critically and competently; and use it accurately and creatively.
• Students develop recognition of and respect for diversity through cultural
interactions in and outside the classroom.
WRITING ACROSS Students will engage a minimum of ten times each semester in a writing assignment
THE CURRICULUM (either individual assignment or a large assignment presented in cumulative stages)
(WAC): or a short answer exam response of at least 1-5 paragraphs (with a topic sentence,
supporting details, and a conclusion).
INSTRUCTIONAL
METHODS: • Formal Lecture
• Interactive Lecture where students solve problem in class.

Student performance will be evaluated based upon the following criteria:

GRADING:
1. Homework / Special Assignments 10%
2. The total of all quizzes (6-8) 20%
3. Mid-term 30%
4. Final Exam 35%
5. Writing and Computer Literacy/(WAC) 5%

Grades are based on a standard scale and the following percentages:

A = 90 - 100
B = 80 - 89
C = 70 - 79
D = 60 - 69
F = 59 or below

St. Augustine College recognizes that technology can enhance student learning in
COURSE POLICIES: the classroom. However, the use of technology can also disrupt a classroom. The
use of laptops and cell phones for non-academic purposes during class is not
allowed. Therefore, students are expected to keep cellular phones off or in vibrator
mode inside classrooms. Laptops may be used with the permission of the instructor
if related to the needs of the course. During testing, cell phones are to be turned off.

Excessive interruptions in class may result with a student being asked to leave
class for the day. Repeated violations of this policy by a student will result in a
meeting with the faculty, student, and student advisor. The purpose of that meeting
will be to clarify the procedures of this policy with the student and the potential
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 consequences of future violations of the policy.

PARTICIPATION: Regular class attendance is an important part of the educational process and it is
assumed that every student will attend all scheduled meetings of the course and will
notify the instructor if they cannot be in attendance. The student should be aware
that poor attendance may affect financial assistance, as well as the class
participation grade.

St. Augustine College expects all students to abide by the Code of Student Conduct
ACADEMIC HONESTY
as published in the Catalog, including behavior related to academic honesty as
AND PLAGIARISM:
described under Academic Guidelines and Expectations and Prohibited Conduct.
Violations will be reported to the Dean of Instruction.
PLAGIARISM WILL NOT BE TOLERATED AND WILL RESULT IN A GRADE OF "0" (ZERO) ON
THE WRITTEN ASSIGNMENT
Each of the following constitutes plagiarism:
1. Turning in as your own work a written assignment or part of an assignment
written by anyone other than you. This would include but is not limited to work
taken from another student, from a published author, or from an Internet contributor.
2. Turning in a paper with unquoted and /or undocumented passages someone else
wrote.
3. Including in a paper someone else’s original ideas, opinions or research results
without giving credits to the author or source.
4. Paraphrasing without giving credit to the author.
Make-ups will be administered at the instructor’s discretion, only if the
MAKE-UP WORK:
missed activity is properly justified.

SPECIAL NEEDS: Any student with special needs or difficulties in learning and/or in completing course
requirements should notify the instructor immediately so that available, reasonable
accommodations can be arranged. Documentation of the student's permanent,
temporary or episodic disability and how it impacts their participation must also be
submitted to their Academic Advisor for referral to the Compliance Officer.
HOMEWORK/LAB Homework/ lab assignments consist of manual and computerized homework. An
average of 5-6 problems per chapter.
There will be 6 quizzes. The quizzes (three quizzes before the midterm and other
QUIZZES / EXAMS (6):
three before the final test) will be based on the completion of the theory of each of
all parts of this course. These quizzes will consist of true/false, multiple choices,
and problems; it will take approximately 15% of class time to complete it.
The midterm is an assessment test to measures what the student has learned up
MIDTERM:
through the mid-point of the course, assessing each one of the first four learning
objectives. The midterm will be taken on week 8.
The final exam is an assessment test to measures what the student has learned
FINAL EXAM
from the mid-point of the course to the end of it, assessing each one of the last four
learning objectives. The final exam will be taken on week 16.
An incomplete grade can be given by the instructor or requested by a student
INCOMPLETE if the students misses or fails to complete a major course assignment and the
student was passing the course with a C or better grade.
CAPSTONE
None
ASSIGNMENT:

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Course Topical Outline:

WEEK/DATE CLASS TOPICS & OBJECTIVES READINGS & ASSIGNMENTS

Source: Textbook

Class 1: Introduction to Accounting and Business - READ THE KEY POINTS

WEEK Chapter 1 WHICH ARE FOUND AT THE
END OF EACH CHAPTER AND
1 Topics: COMPLETE THE PRACTICE
* Nature of Business and Accounting EXERCISES.
* Generally Accepted Accounting Principles
* The Accounting Equation
* Business Transactions and the Accounting Equation
-WRITE THE WAC
ASSIGNMENT OF THE WEEK
* Financial Statements
*Financial Analysis and interpretation: Ratio of Liabilities to Stockholders ABOUT THE TOPIC SELECTED
IN CLASS
Objectives:
1. Describe the nature of a business and the role of ethics and accounting in business. - LAB EXERCISES:
2. Summarize the development of accounting principles and relate them to practice. PR 1-1A TO 1-5A
3. State the accounting equation and define each element of the equation.
4. Describe and illustrate how business transactions can be recorded in terms of the
-HOMEWORK ASSIGNMENT:
resulting change in the basic elements of the accounting equation.
5. Describe the financial statements of a proprietorship and explain how they interrelate. PROBLEMS TO BE ASSIGNED
BY INSTRUCTOR

Class 2-3: Analyzing Transactions

WEEK Chapter 2 - READ THE KEY POINTS
WHICH ARE FOUND AT THE
2-3 END OF EACH CHAPTER AND
Topics:
* Using Accounts to Record Transactions COMPLETE THE PRACTICE
* Double-Entry Accounting System EXERCISES.
* Posting Journal Entries to Accounts
* Trial Balance -WRITE THE WAC
* Financial Analysis and Interpretation: Horizontal Analysis ASSIGNMENT OF THE WEEK
ABOUT THE TOPIC SELECTED
Objectives:
IN CLASS
1. Describe the characteristics of an account and chart of accounts
2. Describe and illustrate journalizing transactions using the double-entry accounting
system. - LAB EXERCISES:
3. Describe and illustrate the journalizing and posting of transactions to accounts. PR 2-1A TO 2-6A
4 Prepare an unadjusted trial balance and explain how it can be used to discover errors.
5. Describe and illustrate the use of horizontal analysis in evaluating a company’s -HOMEWORK ASSIGNMENT:
performance and financial condition. PROBLEMS TO BE ASSIGNED
BY INSTRUCTOR

WEEK Class 4-5: The Adjusting Process - READ THE KEY POINTS
Chapter 3 WHICH ARE FOUND AT THE
4-5 END OF EACH CHAPTER AND
Topics: COMPLETE THE PRACTICE
* The Nature of Adjusting Process. EXERCISES.
* Recording Adjusting Entries
* Summary of Adjustment Process. -WRITE THE WAC
* Adjusted Trial Balance. ASSIGNMENT OF THE WEEK
* Financial Analysis and Interpretation: Vertical Analysis
ABOUT THE TOPIC SELECTED
IN CLASS
Objectives:
1. Describe the nature of the adjusting process.
2. Journalize entries for accounts requiring adjustment. - LAB EXERCISES:
3. Summarize the adjustment process. PR 3-1A TO 3-6A
4. Prepare an adjusted trial balance.
5. Describe and illustrate the use of vertical analysis in evaluating a company’s -HOMEWORK ASSIGNMENT:
performance and financial condition. PROBLEMS TO BE ASSIGNED

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 BY INSTRUCTOR

Class 6-7: Completing the Accounting Cycle

Chapter 4 - READ THE KEY POINTS
Topics: WHICH ARE FOUND AT THE
WEEK * Flow of Accounting Information. END OF EACH CHAPTER AND
6-7 * Financial Statements. COMPLETE THE PRACTICE
* Closing Entries. EXERCISES.
* Accounting Cycle.
* Illustration of the Accounting Cycle.
* Fiscal Year.
* Financial Analysis and Interpretation: Working capital and the current ratio -WRITE THE WAC
Objectives: ASSIGNMENT OF THE WEEK
1. Describe the flow of accounting information from the unadjusted trial balance into the ABOUT THE TOPIC SELECTED
adjusted trial balance and financial statements. IN CLASS
2. Prepare financial statements from adjusted account balances.
3. Prepare closing entries. - LAB EXERCISES:
4. Describe the accounting cycle. PR 4-1A TO 4-6A
5. Illustrate the accounting cycle for one period.
6. Explain what is meant by the fiscal year and the natural business year.
7. Describe and illustrate the use of working capital and the current ratio in evaluating a -HOMEWORK ASSIGNMENT:
company’s performance and financial condition. PROBLEMS TO BE ASSIGNED
Special Assignment: Comprehensive Problem #1 Due (at 11:55 p.m.) BY INSTRUCTOR

WEEK 8 Class 8: Mid Term Test – Chapters 1, 2, 3, and 4

Class 9-10: Accounting for Merchandising Businesses - READ THE KEY POINTS
WEEK Chapter 5 WHICH ARE FOUND AT THE
Topics: END OF EACH CHAPTER AND
9-10
* Nature of Merchandising Businesses. COMPLETE THE EXERCISES.
* Financial Statements for a Merchandising Business.
* Merchandising Transactions. WRITE THE WAC
* The Adjusting and Closing Process. ASSIGNMENT OF THE WEEK
* Financial Analysis and Interpretation: Ratio of sales to Assets
ABOUT THE TOPIC SELECTED
IN CLASS
Objectives:
1. Distinguish between the activities and financial statements of service and - LAB EXERCISES:
merchandising businesses. PR 5-5A TO 5-5A
2. Describe and illustrate the accounting for merchandising transactions.
3. Describe and illustrate the financial statements of merchandising businesses -HOMEWORK ASSIGNMENT:
4. Describe the adjusting and closing process for a merchandising business. PROBLEMS TO BE ASSIGNED
5. Describe and illustrate the use of the ratio of sales to assets in evaluating a BY INSTRUCTOR
company’s performance and financial condition.

Spring Break, March 26-29 (No classes, Offices Open). Easter Recess, March 30 - April 1 College Closed

Class 11-12: Inventories - READ THE KEY POINTS

WEEK Chapter 6 WHICH ARE FOUND AT THE
Topics: END OF EACH CHAPTER AND
11-12
* Control of Inventory. COMPLETE THE PRACTICE
* Inventory Cost Flow Assumptions. EXERCISES.
* Inventory Costing Methods Under a Perpetual Inventory System.
* Inventory Costing Methods Under a Periodic Inventory System. WRITE THE WAC
* Comparing Inventory Costing Methods.
ASSIGNMENT OF THE WEEK
* Reporting Merchandise Inventory in the Financial Statements.
ABOUT THE TOPIC SELECTED
* Estimating Inventory Cost.
* Financial Analysis and Interpretation: Inventory turnover and the Number of Day’s IN CLASS
Sales in Inventory
Objectives:
1. Describe the importance of control over inventory. - LAB EXERCISES:
2. Describe three inventory cost flow assumptions and how they impact the income PR 6-1A TO 6-6A
statement and balance sheet.
3. Determine the cost of inventory under the perpetual inventory system, using the
-HOMEWORK ASSIGNMENT:
FIFO, LIFO, and Average Cost Methods.
4. Determine the cost of inventory under the periodic inventory system, using the FIFO, PROBLEMS TO BE ASSIGNED
LIFO, and Average Cost Methods. BY INSTRUCTOR
5. Compare and contrast the use of the three inventory costing methods.
6. Describe and illustrate the reporting of merchandise inventory in the financial
Statements.

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 7. Describe and illustrate the inventory turnover and the number of day’s sales in
inventory in analyzing the efficiency and effectiveness of inventory management.

Special Assignment: Comprehensive Problem #2

WEEK Class 13: Sarbanes-Oxley, Internal Control, and Cash - READ THE KEY POINTS
Chapter 7 WHICH ARE FOUND AT THE
13 END OF EACH CHAPTER AND
COMPLETE THE PRACTICE
Topics
* Sarbanes-Oxley Act of 2002. EXERCISES.
* Internal Control.
* Cash Controls Over Receipts and Payments. WRITE THE WAC
* Bank Accounts. ASSIGNMENT OF THE WEEK
* Bank Reconciliation. ABOUT THE TOPIC SELECTED
* Special-Purpose Cash Funds. IN CLASS
* Financial Statements Reporting of Cash.
* Financial Analysis and Interpretation: Ratio of Cash to Monthly Cash Expenses
- LAB EXERCISES:
Objectives: PR 7-1A TO 7-5A
1. Describe the Sarbanes-Oxley Act and its impact on internal controls and financial
reporting. -HOMEWORK ASSIGNMENT:
2. Describe and illustrate the objectives and elements of internal control. PROBLEMS TO BE ASSIGNED
3. Describe and illustrate the application of internal controls to cash. BY INSTRUCTOR
4. Describe the nature of a bank account and its use in controlling cash.
5. Describe and illustrate the use of bank reconciliation in controlling cash.
6. Describe the accounting for special-purpose cash funds.
7. Describe and illustrate the reporting of cash and cash equivalents in the financial
statements.
8. Describe and illustrate the use of the ratio of cash to monthly cash expenses to
assess the ability of a company to continue in business.

WEEK Thanksgiving Recess, College Closed November 24 thru 27

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WEEK Review for Final Exam – Chapters 5, 6, and 7.

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Comprehensive Problem #2 Due (at 11:55 p.m.)

WEEK Final Exam

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